Today, I will stick to the Bitcoin (BTC) chart, but the analysis will be fully zoomed out. Let’s start with the weekly timeframe.
Bitcoin BTC (1w)
This is the first time since April 2020 that we have crossed the base line (blue line) – now to the downside. The line turned immediately from support to resistance. In terms of the big picture, this turns me bearish as long as we are unable to break above that base line. I have been waiting to confirm this because I wanted to see a few retests of that line first to make sure that the bears were in control.
There is not much of a next support level to speak of until we reach 12’000 USD. So, for everyone who is new to crypto, make sure you have your helmet ready should you need to buckle up if shit hits the fan.
Bitcoin BTC (1d)
The danger zone is between 29’000-31’000 USD. This is the fourth time that we have bounced from this zone. In a bearish environment, I see multiple testings as a weakening of the support level. With the base line coming down fast, I see the very short-term range being between 31’000-38’000 USD. Keep in mind that we have a few bulls trapped somewhere around 36’000-40’000 USD (due to the fake base line breakout on June 14th.
Bitcoin BTC (4h)
I don’t have much to add here. All I can say is that here we can see a bit more clearly that with every test of the support zone we are seeing good volume being traded. However, if those bulls throw in the towel, things could get nasty. For there to be some light at the end of the tunnel, we need to see the price push above 36’500 USD, which is above the base line and above the very thin cloud.
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